Thread: no win- no fee on ppi cases

Had a phone call from a company called uk finance tonight offering a no win, no fee service on mis-sold PPI cases, has anyone else come across this as it would seem that if the fringe legal firms are smelling cash it can only be good news for those of us who are going it alone.

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The OFT announcment was certainly a move in the right direction and given the amount of cases referred to the fos and settled in favour of the claimant, it would seem that the momentum is building.

these companies have clearly not thought through the process.

lets say they charge a fee of 20% of any refund and your PPI is 2000 so thats 400 you owe them. but if your ppi is in an agreement that still has an outstanding balance then it'll be knocked off the amount you owe. so you'll still be in debt to the finance co ( but 2000 less) and you'll owe another company 400.

but your skint (thats why you were forced to get a loan with ppi in the first place) and so you won't/can't pay the ppi refund company.

so they can only really make money out of claims against companies who you no longer owe money to.

i can tell you from experience that these companies will really struggle to get the finance companies to pay them direct when there's an outstanding liability under the agreement and a very high percentage of PPi claimants don't have the necessary cash to pay these refund companies if they don't receive cold hard cash from the original agreement.

also if your claim is for more than 5k you shouldn't need to pay these companies a percentage fee as they'll no doubt have referral fee arrangements with solicitor firms that is claimed back from the losing side